Sensex, Nifty Snap Two-Week Winning Streak Dragged By Banking, FMCG Stocks
Catch all live updates on share prices, index moves, corporate announcements and more from the Sensex and Nifty, today.
India's stock benchmarks declined for third consecutive session to log losses for the week.
The S&P BSE Sensex and NSE Nifty 50 declined in four of the last five sessions.
Sectorally, banking and FMCG stocks dragged the markets in a volatile week. Media index surged in the week aided by Invesco's decision to not call for an EGM and back Zee Entertainment's merger with Sony.
This the first time Sensex and Nifty have logged losses for the week since the week ended Mar. 4
For Friday, the Sensex shed 0.41% ( equivalent of 233 points) to 57,362.20. The 30-stock gauge tested 57,100 levels in intraday trade. The NSE Nifty 50 almost declined by similar magnitude to 17,153. Titan Co. had the largest drop, falling 3.6%. Today, 38 of 50 shares fell, while 12 rose.
The broader indices almost mirrored their larger peers with both the S&P BSE MidCap and S&P BSE SmallCap losing over 0.3%. Fourteen of the 19 sectoral indices compiled by BSE Ltd. declined with S&P BSE Consumer Durables falling nearly 2.3%. On the flipside, the S&P BSE Realty index added over 1%.
The market breadth was skewed in the favour of bears. About 1,329 stocks advanced, 2,076 declined and 105 remained unchanged
"It was yet another volatile day's trading session as uncertainty surrounding several global developments continue to weigh on investors' minds. The rising US yields have once again raised concerns that the Fed may go for rate hikes, which could prompt overseas investors to shed their exposure to emerging markets", Amol Athawale, Deputy Vice President - Technical Research, Kotak Securities Ltd. wrote in a added. He added, "with Nifty near the 50-day SMA or 17400 level, the market is consistently facing selling pressure which is broadly negative. Further, on weekly charts, the Nifty has formed a small bearish candle that also indicates further weakness".
"Rise in domestic retail fuel prices added to the overall cautious sentiments. Nifty opened positive but pared away its early gains and closed with loss of 70 (-0.4%) points at 17,153 levels. Broader market too ended lower. Among sectors, Realty was top gainer up 1.4%, followed by Media, PSU Bank and Oil & Gas. While selling was seen in Consumer Durables, IT, Pharma, Private Bank, FMCG, Financial Services and Auto", according to Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services. He added , "markets are unable to sustain at higher levels as selling pressure emerge around 17,350-17,400. A strong close above this can take the Nifty towards 17600-17750 zones. Among the broader market, leisure and tourism segment is witnessing lot of interest after the government removed most of the Codid-19 restrictions. Stocks in the multiplex, hotels, travel as well as entertainment space are likely to do well".
Godrej Properties, Prestige Estates Lead The Gains In NSE Nifty Realty Index
Lemon Tree Has 10 Million Shares Change Hands In Two Bunch Trades
Shares of Lemon Tree rose 10% after 1.26% of equity (10 million shares) changed hands in two large trades.
Details of the buyers, sellers are not known immediately.
Tata Elxsi Surges To Record; Relative Strength Index Above 70
Shares of Tata Elxsi Ltd. rose over 10.6%, the most in over two months, to a record Rs 8,420.05 apiece.
Trading volume on the stock was over six times the 30-day average volume at this time of the day.
The relative strength index on the stock is at 74, suggesting it may be overbought.
Of the seven analysts tracking the company, two maintain 'buy', two suggest 'hold' and three recommend 'sell'. The return potential on the stock is -23.4%.
Temasek Is Said To Join Mohalla Tech Funding Round At $5 Billion Valuation
Bengaluru-based startup behind social media platform ShareChat and short-video app Moj -- Mohalla Tech is seeking to raise fresh funds at a valuation of $5 billion.
Mohalla Tech is in advanced talks with Singapore state investor Temasek Holdings and Indian digital media group Times Internet for the series H round.
The company could raise at least $200 million.
Google is also weighing participating in the fundraising.
Deliberations are ongoing and details such as funding size may change.
Source: People with knowledge of the matter.
Representatives for Alphabet, Mohalla Tech and Temasek declined to comment.
Times Internet did not immediately respond to requests for comment.